Reading time – 4 min.
The influx of institutional capital into the cryptosphere continues. Bitcoin products raised $225 million last week, according to CoinShares.
Famous personalities are also not far behind and are increasing investment in digital assets. Kiss frontman Jimmy Simons has confirmed that his investment in the altcoin Cardano (ADA) has doubled since February.
In addition, you should pay attention to the activation of Ripple. Despite the lawsuit with her participation, initiated by the US Securities and Exchange Commission, the XRP token development team enters into new partnership agreements. This week it became known about the company’s plans to finance projects in the field of solar energy. Ripple has already invested up to $44 million in this sector through a partnership with Nelnet.
There have been no significant changes in the crypto market over the past day. Bitcoin (BTC) is trading just above $57,000. The rest of the digital currencies are mostly retreating. Ether (ETH) and Binance Coin (BNB) fell to $3,439 and $396, respectively.
Polkadot and Dogecoin suffered the largest losses from the top ten of CoinMarketCap, falling in price by 6% and 8% to $32.6 and $0.221. Market capitalization decreased and amounted to $2.296 trillion. Bitcoin dominance index exceeded 47%.
Bitcoin is trending again
Over the past few months, institutional investors have preferred to enter altcoin-oriented products. The situation began to change dramatically in early October. The latest report from CoinShares says that institutional investment in bitcoin funds has increased markedly over the past week. Such products were able to raise about $226 million.
In seven days, BTC inflows increased by more than 22%, the researchers emphasized. In their opinion, the activation of hedge funds and asset management companies became one of the triggers that supported the market at the time of the Bitcoin run.
The total amount of funds invested in products focused on the cryptosphere reached $66.7 billion last week. However, compared to May records, this capital is only 5% of the funds invested by institutionals in the cryptosphere in the spring.
Funds focused on Solana (SOL) and Cardano (ADA) received $12.5 million and $3 million respectively from large investors. At the same time, products linked to XRP tokens, Polkadot and Ethereum suffered losses. Of these, hedge funds withdrew more than $16 million.
Rock star prefers Cardano
Back in February, it became known that the leader of the famous rock band Kiss, Jimmy Simmons, invested $300,000 in Cardano. Then he wrote on Twitter that he believes in this particular cryptocurrency. The rocker turned out to be right, the price of the altcoin really began to grow rapidly. Since then, the value of Simmons’ investments in cryptocurrencies has more than doubled.
Given the sharp strengthening of the ADA rate, the amount of digital assets purchased by the musician is now estimated at more than $700,000.
Over the weekend, the Kiss frontman told YouTube channel Altcoin Daily that he has 14 cryptocurrencies under his control. However, Cardano is still the most popular. He also added that among his virtual coins are bitcoin, ether and Litecoin. The musician bought BTC when it was worth $10,000.
“All of my investments are performing well,” Simmons said.
He previously held Dogecoin as well, but sold the asset earlier this year.
Ripple bets on solar energy
At the end of last year, the crypto company Ripple was at the center of a scandal. The SEC accused her of placing unregistered securities, to which the US regulator classifies XRP tokens.
The lawsuit is still dragging on, but Ripple is growing the business and even entering into partnership agreements with other companies. This week it became known about her participation in a project to support solar energy.
The company entered into an agreement with Nelnet, under which it invested $44 million in the development of infrastructure operating on renewable energy sources. We are talking about projects implemented in the United States. Ken Weber, representing Ripple, emphasized that the future belongs to green energy. It can be used in all sectors of industry, which will contribute to economic growth. Cryptocurrencies are also our future, and both directions will develop in parallel in the coming years, the top manager of the company emphasized.
“We are delighted to be partnering with Nelnet as we fulfill our commitment to reduce our carbon footprint and drive the growth of the cryptocurrency industry,” — Weber said.
The XRP token, developed by the Ripple team, is currently ranked eighth in the ranking of the largest digital currencies. Its price is $1.08, and the capitalization now exceeds $50.882 billion. Despite pressure from the US Securities and Exchange Commission, XRP is still in the top ten cryptocurrencies according to CoinMarketCap.
Sources: CoinMarketCap, Twitter, CoinShares, CoinDesk, CoinTelegraph
If you find an error, please select a piece of text and press Ctrl+Enter.
